Seven & i Shareholders Vote to Retain Pres. Isaka
Tokyo, May 25 (Jiji Press)--Shareholders of Japanese retailer Seven & i Holdings Co. voted to retain President Ryuichi Isaka at a regular general meeting Thursday.
Meanwhile, a proposal to remove the president submitted by U.S. activist fund ValueAct Capital was rejected.
ValueAct Capital wants Seven & i to spin off its Seven-Eleven mainstay convenience store business and invest in it intensively.
Isaka, on the other hand, has called for keeping the operations under Seven & i's umbrella for collaboration with the group's supermarket business, including the Ito-Yokado chain, in developing food and other products.
All 15 director candidates proposed by Seven & i, including 13 incumbents, were approved by a majority of attending shareholders with the voting right. Meanwhile, ValueAct Capital's four candidates of new directors were rejected.
[Copyright The Jiji Press, Ltd.]